INTERIM. 5 Key Points. Houston Chronicle. Pension Editorial.

• Pensions in Houston are “a mess”- take a look:
  • 31% of Houston’s payroll costs go to pension costs
  • pension liability is $5.6 billion
• Support lower cost-of-living adjustments
• Support higher retirement ages
• Keep on the table for consideration moving new hires to 401K style plans because:
  •  We can’t predict pension investments in the future
  • Businesses abandoned pensions for 401K systems
• If Houston won’t fix it, Austin must

Houston Chronicle Editorial | Editorial: Pension tension In critical city employee pensions talks, no solution should be off the table